Bitcoin: USD/BTC (BTC=X) May Soon Surge to $5,000

Bitcoin: USD/BTC (BTC=X) May Soon Surge to $5,000

Bitcoin: USD/BTC (BTC=X) May Soon Surge to $5,000

Following the positive volatility the markets experienced on Friday, Bitcoin (BTC) has been able to find stability in the $3,600 region, signaling that bulls are not ready to surrender the cryptocurrency’s recent price gains.

Now, one analyst is claiming that Bitcoin may surge as high as $5,000 in the coming weeks, as the cryptocurrency begins to develop more bullish technical formations.

Analyst: Bitcoin May Soon Surge to $5,000

At the time of writing, Bitcoin is trading down nominally at its current price of $3,650. On Friday, Bitcoin surged from lows of $3,400 to highs of $3,700, before settling slightly to its current prices.

As of late, BTC has been experiencing volatility on the weekends, which have typically set the tone for the proceeding week. Despite this, this weekend has been one of Bitcoin’s least volatile weekends in a while, which could signal that BTC has found stability at its current price levels.

Although at the time the markets are quiet, Mitoshi Kaku, a popular cryptocurrency trader on Twitter, said that he wouldn’t be surprised if Bitcoin surged to $5,000 in the next ten days.

Overall, the bias in prices is: Downwards.

The projected upper bound is: 3,911.56.

The projected lower bound is: 3,248.38.

The projected closing price is: 3,579.97.

Candlesticks

A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 3 white candles and 7 black candles for a net of 4 black candles. During the past 50 bars, there have been 22 white candles and 28 black candles for a net of 6 black candles.

A long upper shadow occurred. This is typically a bearish signal (particularly when it occurs near a high price level, at resistance level, or when the security is overbought).

Momentum Indicators

Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 65.5420. This is not an overbought or oversold reading. The last signal was a buy 3 period(s) ago.

Relative Strength Index (RSI)

The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 52.73. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a buy 56 period(s) ago.

Commodity Channel Index (CCI)

The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is 123.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a buy 3 period(s) ago.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 6 period(s) ago.

Rex Takasugi – TD Profile

FOREX BTC= closed down -16.270 at 3,590.040. Volume was 57% below average (consolidating) and Bollinger Bands were 70% narrower than normal.

Open High Low Close Volume___
3,606.3103,749.6003,578.7003,590.040 35,622

Technical Outlook
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bearish

Moving Averages: 10-period 50-period 200-period
Close: 3,492.03 3,650.34 5,350.43
Volatility: 50 57 65
Volume: 65,516 72,077 78,914

Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.

Summary

FOREX BTC= is currently 32.9% below its 200-period moving average and is in an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 periods. There is a good possibility that volatility will decrease and prices will stabilize in the near term. Our volume indicators reflect volume flowing into and out of BTC= at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bullish on BTC= and have had this outlook for the last 0 periods.

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